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Nowadays, the construction of lifelong education system has become the common trend of educational development in many countries. In China, credit accumulation and transfer as one of the effective measures to promote the lifelong education system was proposed in the National Medium and Long-term Educational Reform and Development Plan (2010 – 2020). It certainly poses a new opportunity and challenge to open universities in China, most of which are in transition from TV and radio universities and expected to play more important roles in the construction of lifelong education system in China. The paper presents the initial research and practice of Shanghai Academic Credit Transfer and Accumulation Bank for Lifelong Education (SHCB), which is led by Shanghai Municipal Education Commission and operated by Shanghai Open University as one of the initiatives of open universities in China since 2010. Focusing on continuing education for Shanghai citizens and cooperating with other universities and related institutions, SHCB has been established with the organisational structure, accreditation criteria for credits, credit accumulation and transfer system, learners' learning portfolios, technology service platform, and the detailed operating mode. By now, accreditation criteria of learner's credits of 166 courses and 139 non-degree certificates, and recognition of 541 non-degree certificates and 1549 leisure courses have been completed. SHCB has been open to the public from 24 July, 2002 to promote the exchange and transfer among the academic education, even between academic education and non-academic education, and ultimately promote the construction of the lifelong education system in Shanghai.